An insurance company employee surveys damage at homes destroyed by the Palisades Fire in the Pacific Palisades area of Los Angeles. (Credit: Jill Connelly/Bloomberg)
(Bloomberg) — Insured losses from natural catastrophes could soar to $145 billion this year — well above the 10-year average — as population growth, urban sprawl and climate change combine to supercharge risks, according to a report by Swiss Re Institute.
Severe thunderstorms, floods and wildfires are the main drivers behind this year’s loss estimate, the reinsurer said in a report on Tuesday. The figure is based on a long-term growth trend of 5% to 7% each year and includes about $40 billion in losses from the Los Angeles wildfires.
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